Results 1 to 2 of 2

Thread: Petty Cash Sheet

  1. #1
    New Member
    Join Date
    Aug 2017
    Location
    Durban
    Posts
    1
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Petty Cash Sheet

    An employee purchased goods with his own cash for a repair he was working to the value of R500. Once he got back to the office he was the refunded the R500 from petty cash. The management person then saw on the invoice that our company details .i.e. VAT no, company name, address etc where not on the invoice. Up until now putting our company details on invoices from petty cash purchase has never existed so my questions are:

    • Is it mandatory to put company details on all invoices resulting from petty cash purchases?
    • Is there a certain amount that warrants company information for SARS/ Accounting purposes?
    • Does it affect SARS in any way?

    As far as I understand petty cash is just that – used for petty/ little/ insignificant/ trivial purchases and as far as I can tell as long as there is an invoice and it is written up on the petty cash sheet - there should be no problem.

    I ask this question as the management person is now saying how will they explain this to our accountant and SARS which I think is a bit dramatic as I don’t think there is a problem… or am I wrong and there is some law about petty cash I don’t know about? Or is it just a matter of company preference? Because now myself & this employee have been have been issued with a ‘breach’ letter but as far as I know there was no harm done, no loss of business or any other kind of damage done.

  2. #2
    Diamond Member Mike C's Avatar
    Join Date
    Apr 2012
    Location
    Umkomaas
    Posts
    2,726
    Thanks
    231
    Thanked 355 Times in 311 Posts
    Hi Taniel,

    If you are wanting to claim VAT from SARS on the Petty Cash Claim then certain information is required for SARS to regard it as valid:

    If the amount is over R5,000 then:
    The words “TAX INVOICE” in a prominent place
    Name, address and VAT registration number of the supplier
    Name, address and VAT registration number of recipient
    Serial number and date of issue
    Full and proper description of the goods and/or services
    Quantity or volume of goods or services supplied
    Price & VAT

    If the amount is less that R5 000
    The words “TAX INVOICE” in a prominent place
    Name, address and VAT registration number of the supplier
    Serial number and date of issue
    A description of the goods and/or services
    Price and VAT

    If you are not claiming VAT then all that is usually required for a Petty Cash Voucher is the Supplier Details, the Purchase Details and the Amount. (Usually a slip confirming the purchase is attached.) This is usually needed to track the types of expenditure being made so that they can be charged to various expense accounts.
    People will forget what you said, people will forget what you did, but people will never forget how you made them feel. - Maya Angelou

  3. Thanks given for this post:

    Dave A (02-Sep-17)

Similar Threads

  1. Petty Cash Cashbook
    By Hi There in forum Accounting Forum
    Replies: 2
    Last Post: 17-Sep-16, 07:12 PM
  2. Petty cash purchases outstanding / contra
    By Lindsay S in forum Accounting Forum
    Replies: 2
    Last Post: 10-Mar-16, 10:20 AM
  3. Replies: 1
    Last Post: 19-Nov-15, 08:33 PM
  4. Replies: 2
    Last Post: 11-Jan-14, 02:37 PM
  5. Google Cheat Sheet
    By AndyD in forum General Chat Forum
    Replies: 6
    Last Post: 18-Jun-10, 10:21 AM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •